Are there risks or hidden costs I might not be considering?

. $5400 comes with too much risk and wear and tear on the property. 

Most non-qm loan products will never have a 95% LTV due to the inherent risks associated with these type of loans not being traditionally backed by fannie or freddie (investment banks).

In my opinion, Dallas represents more upside with lower risk, and is less expensive than Houston.

Its money well spent land development is high risk high reward.. depending on Jurisdiction. 

But I see a valid concern here as an investor and if that is a risk you don't want to take I think that is valid.  

A PMC cannot risk a ticket or lawsuit because an owner takes too long to approve an emergency.You do have the right to be frustrated that you weren't informed about the repair as it was being done.Suggest you discuss with your PMC and see what they say. 

Where else can you get 9% monthly with little or no risk.

I'm out West at the moment, but will probably be returning to Tokyo before too much longer.At the risk of being contrarian, after picking up a couple of investment properties in Japan (one Tokyo, one outskirts), I shifted to a strategy of only investing in the US. 

I figured it had to be a bit higher (~20%) to leverage some risk.